Pharmaceutical Cannabis - Israel | Statista Market Forecast

Israel is projected to reach a revenue of US$12.44m in the Pharmaceutical Cannabis market by 2024.
The revenue is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 3.44%, leading to a market volume of US$14.74m by 2029.
When compared globally, the United States is expected to generate the highest revenue of US$913.10m in 2024.
In terms of per person revenues in 2024, US$346.50 are generated based on total population figures.
Israel's pharmaceutical cannabis market is flourishing with innovative research and development, positioning the country as a global leader in this sector.

Definition:
The Pharmaceutical Cannabis market encompasses products derived from the cannabis plant specifically used for medical purposes. These products may include dried flowers, oils, tinctures, capsules, and topicals. Depending on the regulations in each country or state, these products are available through medical dispensaries, pharmacies, and/or online platforms. They may be consumed in various ways such as smoking, vaporizing, ingesting, or applying topically.

Structure:
The Pharmaceutical Cannabis market encompasses formulated, processed, or synthetic cannabis sold as a finished product. These products, such as Sativex, Epidiolex, and Dronabinol, have undergone full medical trials and hold a medical marketing authorization. The market also includes cannabinoid-based API (Active Pharmaceutical Ingredient), which is registered as an API in a medicinal product with marketing authorization in one or more regions. These APIs can be manipulated and/or compounded by a magistral pharmacy to produce a cannabinoid-based medicine. The Pharmaceutical Cannabis market includes various forms of cannabis such as flowers, oils, capsules, and topicals.

Additional information:
Market values represent the revenues generated by retail prices paid to vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by patients (B2C), healthcare facilities (B2B), and governments (B2G).

Cannabinoid-based medicine holding marketing authorisation containing THC
Cannabinoid-based medicine holding marketing authorisation containing CBD

Cannabinoid-based medicine not holding marketing authorisation containing THC
Cannabinoid-based medicine not holding marketing authorisation containing CBD

Israel has emerged as a key player in the Pharmaceutical Cannabis market, showcasing significant growth and development in recent years.

Customer preferences: Consumers in Israel are increasingly turning to Pharmaceutical Cannabis products due to growing awareness of their potential health benefits. With a culture that is open to alternative medicine and a high level of innovation in the healthcare sector, there is a strong demand for Cannabis-based pharmaceuticals in the country.

Trends in the market: One notable trend in the Israeli Pharmaceutical Cannabis market is the emphasis on research and development. The country has established itself as a leader in cannabis research, with numerous clinical trials and studies being conducted to explore the medical applications of Cannabis. This focus on innovation has led to the introduction of a wide range of advanced pharmaceutical cannabis products in the market, catering to diverse consumer needs.

Local special circumstances: Israel's progressive regulatory environment has played a significant role in shaping the Pharmaceutical Cannabis market. The country was one of the first to legalize medical cannabis and has since implemented policies that support the growth of the industry. This favorable regulatory landscape has attracted numerous domestic and international players, leading to a competitive market with a variety of high-quality products.

Underlying macroeconomic factors: The strong economy and robust healthcare infrastructure in Israel have also contributed to the growth of the Pharmaceutical Cannabis market. With a well-developed pharmaceutical industry and a high level of healthcare spending, the country provides a conducive environment for the production and distribution of cannabis-based pharmaceuticals. Additionally, Israel's strategic location at the crossroads of Europe, Asia, and Africa offers opportunities for export and international collaboration in the Pharmaceutical Cannabis sector.

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on companies' revenues, funding values and global consumer survey data. Revenues include retail, sales and taxes.

Modeling approach / Market size:

Market sizes are determined by a Top-Down approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use financial reports, third-party data. Next, we use relevant key market indicators and data from country-specific associations such as tobacco spending per capita, medical product spending per capita, consumer spending and consumer spending for recreation purposes, population. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, S-Curve function, ARIMA time series model and exponential curve function.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. GCS data is reweighted for representativeness.

Cannabis or marijuana, the psychoactive drug from the cannabis plant is growing in popularity around the globe, both for recreational and medicinal uses. While there are many countries that have legalized cannabis in some capacity for medical purposes, only a handful have done so for recreational use. Even though cannabis is not federally legal in the United States, the combined legal states represent the largest market in the world. After the U.S., Canada, which legalized cannabis nation-wide in 2018 represents the next largest market. In 2021, a new coalition government was formed in Germany that indicated that the legalization of cannabis was on their agenda. Germany would be the largest legal adult-use market in Europe and would act as a test case for other countries on the continent considering the merits of legalization.